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Vonovia headquarters in Bochum: At least 50 percent of the rival's shares must be offered to the group
Photo: INA FASSBENDER / AFP
The billion dollar mega merger on the German housing market is not yet finally certain.
The largest housing group in the republic, Vonovia, wants to take over rival Deutsche Wohnen.
When the acceptance period expired on Thursday night, the Bochum-based group was unable to report completion because not enough Deutsche Wohnen shareholders have offered it their papers so far.
"Its getting close.
The 50 percent has not yet been reached, "said a person familiar with the process to the Reuters news agency.
However, it can take three or four working days for the last stocks to arrive - for example from more distant regions.
A final result may not be known until Monday, said a second insider.
Vonovia had secured almost 34 percent of Deutsche Wohnen by Tuesday evening.
Most institutional investors do not submit their papers until the last minute.
Vonovia must achieve at least 50 percent for the takeover to take place.
The problem: index funds are only allowed to sell their shares when it is certain that the merger is perfect.
Five years ago Vonovia failed with the plan to take over Deutsche Wohnen.
Unlike then, however, the leadership of the second in the industry is behind the project, and there is no resistance from activist investors or speculators.
The Deutsche Wohnen share was on Thursday at EUR 51.50 below the offer value of EUR 52.
fdi / Reuters